Rhapsody Announces Completion of Acquisition by Hg, Launches as Independent Company Under New Leadership
Global Technology Executive Erkan Akyuz Takes Over Leadership of Healthcare Interoperability Mainstay; Renews Focus on Customers, Product, and Partnerships
BOSTON, Massachusetts – October 31, 2018 – Rhapsody, a global leader in healthcare interoperability and data liquidity solutions, today announced that the company has completed its separation from Orion Health Group in accordance with its acquisition by Hg, a specialist technology investor with deep global healthcare expertise. Erkan Akyuz will serve as President and CEO of Rhapsody. The company also announced that its global headquarters will be located in Boston, Massachusetts.
The acquisition by Hg allows Rhapsody’s new management to focus investment in the company’s product and service capabilities. In addition, over the next 18 months, the company plans to increase its workforce by 40%, with a third of all hiring happening in product development roles.
Philippe Houssiau, Hg Operating Partner and part of the Hg investment team on the transaction, acted as Interim CEO between signing and closing and will now join the company’s board of directors as Chairman. Houssiau was formerly CEO of Agfa Healthcare, CEO of Alliance Medical, and a senior partner at PwC. Rhapsody will benefit from the deep healthcare expertise of Houssiau and Akyuz - both bring decades of experience leading healthcare IT businesses to Rhapsody.
Prior to joining Rhapsody, Akyuz led the medical ventures arm of Evident, where he continues to serve in an advisory capacity and also held senior leadership positions at Change Healthcare and McKesson.
David Issott, Partner at Hg said, “We are delighted to be partnering with Philippe, Erkan and the entire executive team at Rhapsody. Rhapsody is our third investment in healthcare technology this year, a sector where we see tremendous opportunity for growth. We are excited to be able to back a world-class product such as Rhapsody and enable further investment in its product, people and capabilities.”
“Rhapsody is by far the most proven, stable and reliable integration engine in healthcare. As a new entity, backed by a knowledgeable and experienced investor, we will have even more resources to devote to building out functionality to meet changing market needs and reinforce our position as the undisputed leader in data liquidity solutions,” said Akyuz. “As part of our calculated growth plan, Rhapsody will collaborate closely with its customers and strategic partners to meet the changing needs of healthcare organizations across the entire ecosystem.”
“Data liquidity is the fundamental challenge for healthcare today,” said Houssiau. “Once we can access and share normalized data from all of the endpoints in healthcare, we can truly unleash the power of innovation and disruption to transform the quality of care and bend the cost curve. Rhapsody is already embedded across the healthcare continuum, and we are uniquely positioned to play a vital role in taking data interoperability to a whole new level of accessibility, security, and utility.”
With more than 500 customers globally, including over 350 in the US, Rhapsody sets the standard for healthcare interoperability and data liquidity. Purpose-built for healthcare, Rhapsody has been one of the most recognized and trusted interoperability platforms for healthcare organizations for almost 20 years. To learn more about Rhapsody, visit https://rhapsody.health/.
Hg is a sector expert investor, committed to helping build ambitious businesses across the technology, services and industrial technology space, primarily in Europe. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. Hg’s dedicated operations innovation team provides practical support to management teams to help them realize their growth ambitions. Based in London and Munich, Hg has funds under management of c. £10 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com.
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